As the second-largest cryptocurrency by market capitalization, Ethereum has long been considered the silver to Bitcoin’s gold. But could Solana, a new kid on the block, dethrone Ethereum as the go-to blockchain for decentralized applications (dapps)?
Launched in March 2020, Solana is a high-performance blockchain that boasts some impressive technical feats. For one, Solana can process up to 65,000 transactions per second (tps), which is orders of magnitude higher than Ethereum’s measly 15 tps.
But that’s not all – Solana also claims to be much more energy-efficient than Ethereum. While Ethereum miner rewards are divided among many different miners, Solana uses Proof of Stake (PoS) which gives stakers a portion of transaction fees as their reward.
NOTE: WARNING: This question is highly speculative and could lead to misinformation. There is no definitive answer as to whether or not Solana will be an “Ethereum Killer” -this may be a misleading term since it implies that one technology will be superior to another in all respects. Therefore, due caution should be exercised when discussing this topic as there is no clear evidence to suggest either outcome at this time.
This means that Solana doesn’t require nearly as much energy to run as Ethereum does. In fact, according to one estimate, it would take just 12 days for a single Solana stakeholder to earn what an Ethereum miner makes in a year!
So far, so good for Solana. But there’s one big problem: Ethereum has a massive head start in terms of developer mindshare and dapp support.
While there are already over 2,000 dapps built on Ethereum, there are only a handful on Solana.
And at the end of the day, that’s what really matters – whether or not people actually use a blockchain. For now, it looks like Ethereum is still the king of dapps… but who knows? With its fast speeds and low energy requirements, Solana just might give Ethereum a run for its money in the years to come.
5 Related Question Answers Found
Cryptocurrency is all the rage these days. With Bitcoin, Litecoin, and Ethereum leading the pack, there are plenty of other digital currencies to choose from. But what if there was a new cryptocurrency that could potentially dethrone Ethereum?
Since its launch in 2015, Ethereum has become one of the most popular blockchain platforms. In fact, it is the second largest cryptocurrency by market capitalization, behind only Bitcoin. Ethereum’s popularity is due in large part to its smart contract functionality.
When it comes to which is better, Ethereum or Avalanche, the answer is not so clear cut. They are both great platforms with their own advantages and disadvantages. It really depends on what you are looking for in a platform and what your needs are.
When it comes to digital currencies, there are a few that stand out above the rest. Bitcoin is the original and still the most well-known, but others are quickly gaining ground. One of these is Ethereum, which has been making waves in the world of cryptocurrency.
Ethereum Classic, which was created as a result of a fork in the Ethereum blockchain, has been hit by a major hack. The fork occurred after the Ethereum Foundation decided to move forward with a hard fork to refund investors who lost money in The DAO hack. This put Ethereum Classic and Ethereum on two different blockchains.
